Venmo transactions

Forum|Forum|3 years ago
June 30, 2023
2 replies
6 views

Hello,

My grad school daughter and two college roommates recently rented an apartment together. The roommates are sending my wife and I their share of the rent via Venmo, and then we are writing a check to the landlord. This is because the landlord only wants a single check every month. Are we going to be taxed on receiving these Venmo payments that are above $600 every month? If so, we need to find a new arrangement for paying the rent....

Thanks in advance!

Anonymous_

Level 15

See https://turbotax.intuit.com/tax-tips/self-employment-taxes/paypal-and-venmo-taxes-what-you-need-to-know-about-p2p-platforms/L5DNjOUM1

TomD8

Alumni - Champ

Since you are providing a service to your daughter and her roommates at no charge, there is no income for you to report. If you were to charge them a fee or commission for your services, the fee or commission would be reportable income.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.